If you are involved in medical device R&D, you know that achieving true innovation at times feels like running a marathon. The competition is on your heels, and the pressure to push a new product over the finish line and into the market quickly can feel overwhelming.
And if your company is like most in the $400 billion medical device industry, your R&D budget increases each year. According to FierceBiotech, “the top R&D spenders in med tech invest between 6% and 12% of their device sales back into med tech R&D. From dental products to diagnostics to laboratory equipment, cardiology, imaging and orthopedics, the list reflects the variety of businesses in the med tech arena."
In short, the medical device industry spends a higher percentage of their revenues on R&D than most other industries. But, according to research conducted by a group at the University of Washington, while the ROI from R&D expenditures has historically been substantial, in recent years the returns have shown a marked decline—in spite of increased spending.
Obviously, innovation drives the medical device industry and significant R&D investment makes innovation possible. But how do you make sure you are getting the most from your R&D spend?
One answer lies in rethinking the role of knowledge, such as scientific literature, in every phase of the medical device lifecycle. If you can improve access to knowledge across the product lifecycle, then every process along the lifecycle will be correspondingly improved.
Easier said than done, you think? It’s actually easier than you might imagine: simplifying access to scientific literature will result in increasing speed of discovery, fostering collaboration and slashing your R&D costs.
One quick example: simply avoiding duplicate orders and retaining knowledge in copyright-compliant libraries will go a long way.
Our new Medical Devices White Paper helps you understand how to optimize your R&D spend by simplifying access to knowledge. Download it here and get a head start on outrunning your competition.